Wealth management firm Brooks Macdonald is set to unveil its 13th office with the opening of a Isle of Man operation.
The company confirmed the proposed office during its full year results for the period that ends 30 June 2021.
The group currently has 12 offices across the UK and the Channel Islands including London, Cheltenham, East Anglia, Exeter, Hampshire, Leamington Spa, Leeds, Manchester, Tunbridge Wells, Scotland, Wales, Jersey and Guernsey.
Andrew Shepherd, chief executive of Brooks Macdonald, said in a London Stock Exchange statement on 16 September 2021: “We will also shortly be opening an Isle of Man office, subject to regulatory approval.”
A spokesperson for Brooks Macdonald told International Adviser: “We can confirm that Brooks Macdonald International is in the process of completing the relevant activity required to open an Isle of Man office. We have secured our office space in Douglas and placed Philip Penrose as head of office, subject to regulatory approval.
“We are now actively recruiting for a number of positions to support the provision of high quality investment management, both via intermediaries and direct to private clients. We are working through the necessary preparations with local regulatory authorities and will be making a further announcement at the appropriate time.”
During its FY 2021 results, Brooks Macdonald’s international arm saw a 37.9% increase in revenue to £17.1m ($23.6m, €20.1m) from £12.4m in the previous period.
Funds under management (FuM) for the international operation came in at £2.51bn, which is a 59.2% rise from £1.58bn in FY 2020.
The international arm’s underlying profit before tax surged 80% to £4.5m from £2.5m a year before.
Overall, the group’s revenue rose 8.8% to £118.2m in FY 2021, while total FuM swelled 20.3% to £16.46bn.
Group underlying profit before tax increased to £30.6m from £23.0m in FY 2020.
Shepherd added: “I am pleased to report that, in a period dominated by the pandemic, we have not only again delivered strong financial performance, but we have also made further progress against our strategic ambitions.
“FuM reached record levels, we increased our profit margin and delivered record revenue and underlying profit – at the same time as successfully integrating two acquisitions to increase the Group’s scale, service offerings, and capabilities. And all in our 30th anniversary year.
“We continued to deliver a high-quality service to clients and made great progress in our ongoing ambitions to transform client and intermediary service levels through technology and innovation. None of this would have been possible without the steadfast commitment and hard work of our people who have done an exceptional job during the most unprecedented circumstances.
“I am excited to lead the firm at a time of great opportunity for Brooks Macdonald, based on our vision as the leading investment manager for intermediaries. Our strategy is working, grounded in our purpose of realising ambitions and securing futures. We are in a strong position, primed to deliver on our ambitious growth aspirations.”
Shepherd added that the firm wants to expand the company via “driving organic growth, both through intermediaries and among private clients, with strong investment performance” and “seeking selective high-quality acquisitions”.